‘First-of-its-kind’ AltCap investment pool aims to transform Kansas City’s urban blight
August 27, 2018 | Startland News Staff
With more than 5,000 blighted homes and vacant lots, Kansas City’s urban core might soon see some help thanks to new AltCap investment pool.
AltCap, a Kansas City-based community development financial institution, has partnered with Legal Aid of Western Missouri and Stinson Leonard Street to create a fund that’s focused on rehabilitation of housing in Kansas City’s urban core. The effort already has raised $305,000 from local investors and the First Federal Bank of Kansas City.
The “first-of-its-kind partnership” will provide title clearing services and loans to rehabbers restoring abandoned homes in the urban core, said AltCap president Ruben Alonso III. AltCap will manage the funds, underwriting and services loans to rehabbers that are working in partnership with neighborhood associations, he added.
“The short-term loans will be used to hire laborers, contractors, plumbers, electricians and other construction trades, creating local jobs and supporting economic activity, while revitalizing homes and neighborhoods in the urban core,” he said.
Abandoned homes often attract crime, reduce property values and diminish the quality of life for people who live in the area, AltCap said. The KC Social Investment Pool helps revitalize urban core neighborhoods by providing the funding to allow rehabbers to turn blighted properties into quality homes for working, low-income families.
The 29 neighborhoods that are eligible for the program include:
- Scarritt
- Indian Mound
- Lykins
- Independence Plaza
- East 23rd St. PAC
- Blue Valley
- Sheffield
- Washington Wheatley
- Key Coalition
- Santa Fe
- Mount Hope
- Boston Heights
- Ivanhoe
- Oak Park
- Palestine
- Vineyard
- 49/63
- Blue Hills
- Town Fork Creek
- Mt. Cleveland
- Swope Parkway / Elmwood
- Marlborough East
- Marlborough West
- Tri-Blenheim
- Neighborhoods United for Action (NUFA)
- Ruskin
- Forgotten Homes
- Manheim Park
For those interested in learning more, AltCap and Legal Aid are hosting a workshop at 11:30 a.m., Thursday, Sept. 13 at the Seton Center, 2816 E. 23rd St., Kansas City, MO 64127. Additional information is available at www.alt-cap.org/home-rehab or by contacting Davin Gordon, AltCap business development officer at davin@alt-cap.org
Featured Business
2018 Startups to Watch
stats here
Related Posts on Startland News
Regional Roundup: Chicago’s megamall turned innovation hub
In this week’s roundup of watercooler talk from the region’s startup hubs, we have the dish on Chicago’s booming startup density, Uber and Lyft’s Austin tantrum, and Denver’s No. 3 rank for digital economy readiness. Check out more in this series here. ChicagoInno: How the Merchandise Mart became the epicenter of Chicago tech How…
Futuristic transportation vision for Kansas City includes self-driving buses
Kansas City hopes a pioneering vision for public transportation will help it emerge as the top contender for a $50 million award. Kansas City is one of seven finalists for the “Beyond Traffic Smart City Challenge,” which will dish $50 million to a mid-sized city dealing with rapidly-changing transportation needs. With stiff competition from tech…
Events Preview: Startup Waffles, NKC Showcase
There are a boatload of entrepreneurial events hosted in Kansas City on a weekly basis. Whether you’re an entrepreneur, investor, supporter or curious Kansas Citian, we’d recommend these upcoming events for you. WEEKLY EVENT PREVIEW Startup Waffles When: May 27 @ 8:00 am – 10:00 am Where: Think Big Coworking Are you a founder, hacker or investor…
Kansas City’s east side to receive free wireless gigabit network
Kansas City is diligently continuing work to become the most connected city on earth. Three organizations are now working to create a free, large-scale wireless gigabit network on Kansas City’s east side. The project — led by Siklu Communications, the Urban Neighborhood Initiative and KC Digital Drive — will help eliminate cost barriers to help…